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Author:
Publisher:
ISBN:
Category : Pension trust guaranty insurance
Languages : en
Pages : 48
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Book Description
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Pension trusts
Languages : en
Pages : 32
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Book Description
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 30
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Author: U S Government Accountability Office (G
Publisher: BiblioGov
ISBN: 9781289150082
Category :
Languages : en
Pages : 34
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Book Description
The financial statements of the Pension Benefit Guaranty Corporation (PBGC) were examined for the fiscal year (FY) ending September 30, 1977. PBGC administers the insurance programs that guarantee certain benefits will be paid to participants of defined benefit pension plans in the event the plans terminate without sufficient assets to provide benefits. GAO could not verify that PBGC financial statements present fairly the financial position of PBGC. Various procedural and accounting problems and material uncertainties in the collection of receivables were noted. PBGC estimated a liability receivable from employers of $35.4 million as of September 30, 1977; the collectibility of this liability, however, is questionable because PBGC estimating methodology may not be accurate and some employers of terminated plans are in bankruptcy or out of business. Also, PBGC ability to collect employer liability, under certain circumstances, has been challenged in the courts. PBGC estimated liability for future benefits was $209 million, but it is not certain whether the reported amount presents fairly this liability, since 88 percent of the amount is estimated. The actual amount of unearned premiums, reported as $7.6 million for FY 1977, cannot be validated. GAO was not able to substantiate about $8.5 million of the $13 million in reported total benefit payments that were paid. A PBGC study identifed many premium billing and collection system weaknesses, ranging from duplicate premium filings or no filings to computer entry errors. PBGC reported a deficit of $95.3 million as of September 30, 1977, which was a $54.3 million increase over the previous FY for the single employer program.
Author: United States Accounting Office (GAO)
Publisher: Createspace Independent Publishing Platform
ISBN: 9781721592005
Category :
Languages : en
Pages : 30
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Book Description
Examination of Financial Statements of the Pension Benefit Guaranty Corporation for the Fiscal Year Ended September 30, 1977
Author:
Publisher:
ISBN:
Category : Pension trust guaranty insurance
Languages : en
Pages : 48
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Book Description
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Pension trusts
Languages : en
Pages : 16
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Book Description
Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Author: U S Government Accountability Office (G
Publisher: BiblioGov
ISBN: 9781289073398
Category :
Languages : en
Pages : 52
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Book Description
GAO examined the financial statements of the Pension Benefit Guaranty Corporation's (PBGC) Single-Employer and Multiemployer Funds for the years ended September 30, 1992 and 1991, focusing on PBGC: (1) financial condition; (2) internal controls; and (3) compliance with applicable laws and regulations. GAO found that: (1) PBGC financial statements for the year ended September 30, 1992, were reliable in all material respects and represented fairly the funds' financial position in accordance with generally accepted accounting principles; (2) it was unable to audit the Multiemployer Fund's future financial assistance liability due to incomplete information on certain financially troubled pension plans; (3) the Single-Employer Fund's long-term viability is jeopardized by underfunding due to insufficient sponsor contributions and a not-fully-risk-related premium structure; (4) weaknesses exist in the scope and quality of employee benefit plan audits and internal controls plan reporting; (5) PBGC has made internal control improvements, but weaknesses in certain areas persist; (6) PBGC internal controls do not ensure that transactions are properly recorded, processed, and summarized in accordance with generally accepted accounting principles, but they do reasonably ensure that assets were safeguarded from material loss; (7) nonmaterial internal control weaknesses include the lack of audit or test controls over multiemployer plans' financial information, inadequate documentation of nonparticipant data, and inadequate monitoring of field benefit administrators; and (8) there was no evidence of material noncompliance with applicable laws and regulations.
Author: United States. General Accounting Office
Publisher:
ISBN:
Category : Insurance, Pension trust guaranty
Languages : en
Pages : 36
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Book Description
